Michael Hudson Quotes - Page 5

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• That's the problem with the financial sector. Banks and the financial sector live in the short run, not the long run. In principle the government is supposed to make regulations that help the economy over time. But once it's taken over by the financial sector, the government lives in the short run too.

  Michael Hudson

  Running, Taken, Government

  Source: www.counterpunch.org

  4 Copy quote

• Education is something that should not be organized on a for-profit basis, because in that case its purpose is not really to provide an education. It's not to teach students how to get better work, but how to provide banks with a free giveaway opportunity from the government, by making junk loans that are defaulted on. The effect may be to wreck the futures of the graduates that fall for the false promises that are being made.

  Michael Hudson

  Fall, Opportunity, Government

  Source: www.counterpunch.org

  4 Copy quote

• In housing you have jingle mail and you can walk away and leave the bank holding the bag. In the case of student loans, the debt follows you through life, and the banks or government will turn it over to collection agencies that are not very nice people and can do all sorts of harassing things to you. It's becoming a nightmare.

  Michael Hudson

  Nice, Agency, Government

  Source: www.counterpunch.org

  4 Copy quote

• Just like a house is worth whatever a bank's going to lend against it, an education is worth whatever the bank is going to lend the student to pay the university. So the availability of government-guaranteed student loans has vastly inflated the cost of education, just like it's inflated the cost of housing.

  Michael Hudson

  Government, Availability, House

  Source: www.counterpunch.org

  4 Copy quote

• The real estate interests and banks are in a kind of symbiosis. They're the largest-growing part of the economy. This is the sector that backs the political campaigns of senators, presidents and congressmen, and they use this leverage to make sure that their people dominate the Federal Reserve, Treasury and the federal housing agencies.

  Michael Hudson

  Real, Agency, People

  Source: www.counterpunch.org

  4 Copy quote

• The Eurozone die is cast. Countries must withdraw from the euro so that governments can create their own money once again, and resist creditor demands to carve up and privatize their public domain.

  Michael Hudson

  Country, Euro

  Source: www.counterpunch.org

  4 Copy quote

• The United States Government has fought against creation of an international court to adjudicate the ability of national economies to pay debts.

  Michael Hudson

  Creation, Economy, Ability

  Source: www.counterpunch.org

  4 Copy quote

• Debtor countries may postpone the inevitable by borrowing from the IMF or U.S. Treasury to buy out bondholders. This saves the latter from taking a loss - leaving the debtor country with debts that are even harder to annul, because they are to foreign governments and international institutions.

  Michael Hudson

  Country, Loss, Leaving

  Source: www.counterpunch.org

  4 Copy quote

• Canada is a malstructured. You could almost call it a failed economy, except that its natural resources are so rich that everybody can get wealthy off making holes in the ground and digging up the oil and polluting the environment.

  Michael Hudson

  Environment, Rich, Natural

  Source: www.counterpunch.org

  4 Copy quote

• If you end internet neutrality and permit mergers of the big information technology corporations, that's a form of rent seeking. It's part of today's political revolution.

  Michael Hudson

  Technology, Political, Revolution

  4 Copy quote

• Basically, unless you're willing to write down debts and save the economy, you're going to have deflation and a steady drain in purchasing power - that is, shrinking markets.

  Michael Hudson

  Writing, Shrinking, Debt

  Source: www.counterpunch.org

  4 Copy quote

• I think something like three-quarters of American currency is held abroad, by drug dealers, by tax evaders, Russians and Chinese. Other people think that they want to protect themselves against their own currency going down. When you have 75% of the currency and even more of the high-denomination $100 bills held abroad, you wonder whether these are people we really want to pay. If you get rid of the $100 bills, its foreign holders will be the main losers.

  Michael Hudson

  Thinking, People, Drug

  Source: www.counterpunch.org

  4 Copy quote

• This is not really currency that circulates. It's like the old joke about expensive vintage wine. Wine prices will go up and once in a while somebody will buy a 50-year-old bottle of wine and say, "Wait a minute. This has gone bad." The answer is, "Well, that wine isn't for drinking; that's for trading." These $100 bills aren't meant to circulate. They're not to spend on goods and services. They're a store of value. They're a form of saving.

  Michael Hudson

  Drinking, Wine, Years

  Source: www.counterpunch.org

  4 Copy quote

• Europe is creating the flight of refugees that's tearing it apart politically, and leading rightwing nationalist parties to gain power to withdraw from the Eurozone.

  Michael Hudson

  Party, Europe, Creating

  Source: www.counterpunch.org

  4 Copy quote

• Most of the European leaders look at themselves as having to follow the United States, because if the US opposes them, there will be a regime change.

  Michael Hudson

  Leader, United States, Looks

  Source: www.counterpunch.org

  4 Copy quote

• US opposition to Russia and China has entailed sanctions against Russia, and Russia in turn has made counter-sanctions against Europe. So Europe is essentially sacrificing its opportunities for trade and investment in order to remain part of NATO. It is also agreeing to bomb Syria and the Near East, creating a wave of refugees that it doesn't know what to do with.

  Michael Hudson

  Sacrifice, Opportunity, Russia

  Source: www.counterpunch.org

  4 Copy quote

• The world's politics are in turmoil, not to mention the Mideast, where the US has mounted attacks from Libya to Iraq to Syria, and ISIS is attacking governments in today's pipeline rivalry.

  Michael Hudson

  Government, Isis, Iraq

  Source: www.counterpunch.org

  4 Copy quote

• Europe is acting in a very self-destructive manner, but is doing so because it's trying to be loyal to the United States.

  Michael Hudson

  Self, Europe, Trying

  Source: www.counterpunch.org

  4 Copy quote

• There are so many currency exchange rate problems that people are buying gold as a safe haven. Right now, gold looks like a safe haven if international exchange rates break down.

  Michael Hudson

  Safe Haven, People, Gold

  Source: www.counterpunch.org

  4 Copy quote

• Most people think of the economy as producing goods and services and paying labor to buy what it produces. But a growing part of the economy in every country has been the Finance, Insurance and Real Estate (FIRE) sector, which comprises the rent and interest paid to the economy's balance sheet of assets by debtors and rent payers.

  Michael Hudson

  Country, Real, Thinking

  Source: www.counterpunch.org

  4 Copy quote

• The effect of metals speculation was to push up the prices that China had to pay to countries like Australia. This squeezed China. Once the speculative demand ended, all of a sudden the added production facilities that had been brought into production by the high prices went out of production again, and there was a glut.

  Michael Hudson

  Country, Australia, Demand

  Source: www.counterpunch.org

  4 Copy quote

• The vast majority of $100 bills are abroad, not in the United States. So yes, of course there's a use here but nowhere near as much as there's a use for $100 bills abroad.

  Michael Hudson

  Majority, United States, Use

  Source: www.counterpunch.org

  4 Copy quote

• In China the largest denomination bill they have is 100 yen, and that's maybe $7. So here you have a whole economy working with only a $7 note as the largest denomination. The euro wants to get rid of the 500-euro bill just as the United States years ago got rid of the $1,000 bill because only the criminals used $1,000 bills.

  Michael Hudson

  Years, Criminals, United States

  Source: www.counterpunch.org

  4 Copy quote

• High prices can be the result of speculation, and maybe plunging prices can be attributed to the end of speculation, but low prices over time aren't caused by speculation. That's oversupply, mainly by Saudi Arabia flooding the market with low-priced oil to discourage rival oil producers, whether it's Russian oil or American fracking.

  Michael Hudson

  Oil, Arabia, Fracking

  Source: www.counterpunch.org

  4 Copy quote

• Debt deflation is when there's less money that people have to spend out of their paychecks on goods and services, because they're paying the FIRE sector. Oil going down is a function of the supply and demand of oil in the market. It's a separate phenomenon.

  Michael Hudson

  Fire, Oil, People

  Source: www.counterpunch.org

  4 Copy quote

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